Plexus Holdings PLC (AIM:POS) will, at today's AGM, reflect on a year of "rebuilding and repositioning"
Chair Ben Van Bilderbeek highlighted in a statement ahead of the event that the group had worked through a deliberate investment phase following an exceptional prior year. Plexus saw operational progress, and strengthened its balance sheet, and continued to invest in long-term capability.
Plexus said it has been expanding its rental wellhead inventory as part of its short-term growth strategy.
Looking ahead, the company said it expects to have 16 Exact rental wellhead systems available for deployment during 2026. It said the larger inventory is intended to support repeat utilisation across multiple projects and geographies. It also said it is intended to provide more predictable and resilient revenue streams.
Plexus added that its cautiously encouraged by the outlook across its key markets. It said rental operations are expected to commence imminently in the Middle East, where it now has a permanent presence. It also said it expects rental operations in North America during 2026, alongside further opportunities in the North Sea.
Beyond the rental fleet, Plexus said it has intellectual property ready for deployment. It highlighted further applications of POS-GRIP Technology, including the Python subsea wellhead system. It said this is intended to provide value over time in rental and production applications.
"We are cautiously encouraged by the outlook across our key markets," van Bilderbeek added.
"With an expanded rental fleet, multiple market drivers across key geographies, and a continued focus on cost control and delivery, the Board remains confident that Plexus is well positioned to build sustainable value for shareholders over the medium term."